金融科技监管与银行高息揽“储”——基于理财产品视角

Fintech Regulation and Banks’High-Interest“Deposits”from the Perspective of WMPs

本文基于我国上市银行理财产品的微观数据,探究互联网理财对银行理财产品的冲击,即从微观视角阐释互联网理财产生的"鲶鱼效应",并着重通过双重差分模型(DID)评估金融科技监管带来的外部效应。研究发现:(1)互联网理财通过提高银行理财的预期收益率,加剧其高息揽"储"动机,即面对互联网理财带来的存款分流压力,银行会借道影子银行业务强化监管套利行为;(2)金融科技监管能够减弱银行的高息揽"储"动机,受互联网理财冲击,中小银行采取了更为激进的理财产品定价和规模扩张策略,由此监管的正外部效应对它们的作用更强;(3)金融科技监管通过改善银行流动性状况减弱银行的高息揽"储"动机,监管政策对短期、非保本型理财产品的影响更大。本文研究表明,在监管政策助力下,推动银行理财净值化转型,既有利于推进利率市场化进程,又会减少银行的监管套利行为。

Using microdata from Chinese listed banks’wealth management products(WMPs),this paper explores the impact of Internet-based WMPs on banks’WMPs and evaluates the external effects of fintech regulation using the difference-in-differences(DID)method.The results are as below.(1)Internet-based WMPs intensify banks’motivation for high-interest“deposits”by increasing the expected return of the latter.Facing the pressure of deposit diversion,banks will try to increase regulatory arbitrage through the shadow banking business.(2)Fintech regulation helps to weaken banks’high-interest“deposits”motivation.Under the impact of Internet-based WMPs,small and medium-sized banks adopt relatively aggressive pricing and scaling strategies for WMPs,so fintech regulation will have stronger positive external effects on them.(3)The mechanism research finds that fintech regulation improves banks’liquidity,thereby alleviating their motivation for high-interest“deposits”.The heterogeneity test finds that fintech regulation has a more significant impact on short-term and floating WMPs.With the help of regulatory policy,transforming banks’WMPs into net-worth products will facilitate the advancement of interest rate marketization and weaken banks’regulatory arbitrage behavior.